An individual (or family) can make purchases through a variety of means including credit cards, cash, checks, online transactions, smart phone code scanning, recurring direct payment from checking accounts, etc. A variety of information can be generated from these purchases, such as return deadlines, warranty expirations, and follow-on purchases. Currently, there is a lack of an integrated solution that can provide overall storage, security, monitoring, and analysis of an individual's transaction profile.
Instead, a person needs to manually track information related to his purchases and make online queries with each financial service provider individually to compile his complete transaction profile. This can be rather cumbersome as the person needs to keep meticulous purchase records so as to not miss an important deadline or other follow-up actions related to his purchases. For example, it is rather frustrating if a person cannot find a receipt to qualify for a manufacturer warranty.
Also, such an approach can raise significant data security concerns as tracking and maintaining sensitive information like purchases, payment methods, and transactions across a multitude of provider sites and sources can lead to potential misappropriation, spoofing, and/or theft of the data.